NEW DELHI, Feb 1L Finance Minister Nirmala Sitharaman on Wednesday, February 1 said Permanent Account Number (PAN) will be used as a common identifier for all digital systems of specified government agencies. The move would help in further promoting ease of doing business in the country. PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or entity. She also said that if MSMEs fail to execute contracts, 95 per cent of performance security will be returned to small businesses as part of Vivad Se Vishwas scheme.
Vivad Se Vishwas scheme provides for settlement of disputed tax, interests, penalty or fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee. She also said that Phase-III of e-courts will be launched. State support mission of Niti Aayog will be continued for three years, the finance minister said. (Agencies)
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